Fidelity Management & Research Co.. recently announced the acquisition of new stake in NovaGold Resources Inc. (AMEX:NG). The institutional investor has increased its shareholding in the Basic Materials company by 0.14% to 24.64 million shares with purchase of 33426.0 shares. This fresh investment now brings its stake to 7.48% valued currently at $224.76 million. In addition, BlackRock Fund Advisors raised its holdings by 0.2 million to 10.61 million shares. And The Vanguard Group, Inc. has lifted its position by 9.91% or 0.72 million shares – to 7.98 million shares.
With over 2.91 million NovaGold Resources Inc. (NG) shares trading Tuesday and a closing price of $10.58 on the day, the dollar volume was approximately $30.76 million. The shares have shown a positive weekly performance of 13.89% and its price on 09/01/20 lost nearly -0.09%. Currently, there are 329.11M common shares owned by the public and among those 240.46M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for NG have a consensus price objective of $30.00. The analysts have set the share’s price value over the next 12 months at a high of $30.00 and a low of $30.00 should the stock experience a downside. But an upside of 64.73% will see the stock hit the forecast high price target while mean target price for the stock is $30.00.
Insiders at the company have transacted a total of 118 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 63 of these insider trades were purchases, accounting for 2,354,991 shares. Insider sales of the common stock occurred on 55 occasions, with total insider shares sold totaling 2,021,656 shares.
The top 3 mutual fund holders in NovaGold Resources Inc. are VanEck Vectors – Junior Gold Mine, Fidelity Contrafund, and iShares Russell 2000 ETF. VanEck Vectors – Junior Gold Mine owns 9.47 million shares of the company’s stock, all valued at over $86.4 million. The company bought an additional 0.12 million shares recently to bring their total holdings to about 2.87% of the shares outstanding. Fidelity Contrafund sold 24847.0 shares to see its total holdings shrink to 7.24 million shares valued at over $66.03 million and representing 2.20% of the shares outstanding. iShares Russell 2000 ETF sold -0.23 million shares to bring its total holdings to over 4.91 million shares at a value of $44.8 million. iShares Russell 2000 ETF now owns shares totaling to 1.49% of the shares outstanding.
Shares of NovaGold Resources Inc. (AMEX: NG) opened at $10.77, up $0.18 from a prior closing price of $10.59. However, the script later closed the day at $10.58, down -0.09%. The company’s stock has a 5-day price change of 13.89% and 22.31% over the past three months. NG shares are trading 18.08% year to date (YTD), with the 12-month market performance up to 41.26% higher. It has a 12-month low price of $4.65 and touched a high of $12.85 over the same period. Currently, 2.91 million shares have been traded, compared to an average intraday trading volume of 2.67 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 14.27%, 17.49%, and 18.19% respectively.
Institutional ownership of NovaGold Resources Inc. (AMEX: NG) shares accounts for 48.30% of the company’s 329.11M shares outstanding. Mutual fund holders own 26.16%, while other institutional holders and individual stakeholders account for 36.75% and 23.62% respectively.
It has a market capitalization of $3.40B and a beta (3y monthly) value of 0.67. The earnings-per-share (ttm) stands at -$0.09. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.30% over the week and 5.04% over the month.
Analysts forecast that NovaGold Resources Inc. (NG) will achieve an EPS of -$0.01 for the current quarter, -$0.01 for the next quarter and -$0.05 for 2019. The lowest estimate earnings-per-share for the quarter is -$0.01 while analysts give the company a high EPS estimate of -$0.01. Comparatively, EPS for the current quarter was -$0.02 a year ago.
Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 0 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NG, a number of firms have released research notes about the stock. B. Riley FBR Inc. stated their Buy rating for the stock in a research note on December 19, 2017, with the firm’s price target at $7. JP Morgan coverage for the NovaGold Resources Inc. (NG) stock in a research note released on September 27, 2016 offered a Overweight rating with a price target of. RBC Capital Mkts was of a view on October 17, 2011 that the stock is Sector Perform, while RBC Capital Mkts gave the stock Sector Perform rating on January 21, 2011, issuing a price target of $9- $16. RBC Capital Mkts on their part issued Underperform rating on October 20, 2010.